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REO Property how much should I offer? I Found an REO Property and would like to make an offer, But my agents says it is listed in the MLS with a higher price than what I saw on the Banks Website REO listing. Which price should I consider when making my offer? And why is the Bank Asking lower on their website list than the MLS listing Agent?
What I know so far:- The bank website where i found the lisiting is the owner of the property.- The bank has held the property for more than a year. Listed more than 90 Days in the MLS.
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"If you don't get it for what you want be prepared to walk away and wait."Offer what you feel is the right price for you and your family.I had a foreclosure where I respresented the buyer. The lender refused the there first offer of $45,000 on the $90,000 asking price. The offer was rejected and my buyers starting looking at more properties.They contacted me sometime later on this same house and said that would like to make another offer on it, so I wrote it up. This time it was for $30,000 give or take....................this time they accepted and my buyers got a really nice deal. $90,000 for $30,000.....does not happen all the time, but that time it did.Good Luck!
James Callas - Realtor®
Thanks Jeff for the quick response.
My agent has shown me the MLS and We have asked the listing agent and have responded by refering to the MLS. And the MLS Price is somewhat in the ballpark for comps in the area on the analysis my agent provided, but the bank reo website list is 75K below MLS list.
Is this legal or is there something wrong with this situation?Also, I did do a little bit of homework and went to our county recorders office and found that the bank is the owner. One thing I forgot to mention is that we made an offer closer to the Bank Listing on there website and the listing agent has not responded. It has been a couple weeks since we offered. I do have some room to play with the offer but do not want to make an offer near the MLS list price and we are offering cash with no contigencies. Regarding pricing history on MLS they came down a little since is was first listed but still higher than the bank website.
Determine what the property is worth to you. Have your agent complete a good market analysis of the area for you. Make sure you have a good handle on how much work it needs if any. And then plan on finding some things you didn't expect. If it needs work, how much will it really cost to have the work done. Don't just go on what it would cost if you do the work. When the work is done what would it really sell for? If you buy it to fix up you should end up with a decent amount of equity or really like how it turns out and want to live there. Look at the pricing history during the time of the listing. Have they been adjusting the price along the way? The bank you think owns it may not be the entity selling it. It may be being sold by Fannie Mae or another entity. You won't know what they will take until you place an offer. Cash talks better than financing. Know the maximum you are willing to pay. If you don't get it for what you want be prepared to walk away and wait.
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